On Legal Regulation Against Robo-adviser

Robo-adviser is the product of the development of financial technology to a certain stage.Using big data,cloud computing,artificial intelligence and other technologies,combined with the theory of contemporary investment portfolio,the basic understanding of investors online,analyze customer needs,and then match to customers.Corresponding investment advice.Outside the domain,Robo-adviser can also automatically issue trading orders,automatically execute instructions,and rebalance the portfolio to achieve full investment automation.In 2015,Robo-adviser was introduced to China for the first time,and it has been rapidly developed,which has attracted the attention of the industry.Robo-adviser has the characteristics of inclusive finance,low entry threshold,high efficiency,low cost of manual services,but also contains great risks.Under the current legal framework of China,it is difficult to find a legal system that fully matches its regulatory needs.With the development of Robo-adviser,it is easy to cause regulatory vacuum or overlapping supervision.Therefore,it is of great practical significance to explore the issue of legal regulation of Robo-adviser.In addition to the introduction and conclusions,this article is three chapters.The first chapter briefly introduces the definition of Robo-adviser,summarizes the characteristics of Robo-adviser,and then analyzes the legal challenges of regulating Robo-adviser from three aspects,and finally proposes the legal path of regulating Robo-adviser from the perspective of legal obligation.Robo-adviser not only has the problem that the subject of responsibility is unknown,but also the new meaning and requirements are derived from the obligation of faith and the principle of appropriateness.The second chapter examines the situation of extraterritorial typical country Robo-adviser legal regulation.Take the United States and Australia as examples,the chapter firstly introduces the general situation of the two countries'Robo-adviser legal regulation,and then focuses on the discussion of two countries'Robo-adviser platform's fiduciary duty and investors'appropriateness obligations,and finally analyzes the significance of reference to China.In the third chapter,based on the analysis of the status quo of China's Robo-adviser legal regulation,the legal duty of Robo-adviser's platform is taken as the center to improve the legal system of Robo-adviser.We should modify the relevant laws and regulations in China,strengthen investor protection,improve dispute resolution mechanisms,clarify the fiduciary duty of Robo-adviser operators,severely punish Robo-adviser practitioners who violate laws and regulations and innovate supervision.